Adani infuses Rs 6,661 cr in Ambuja Cements; raises stake to 66.7%
The Adani family, the promoter of the Ambuja Cements, has infused Rs 6,661 crore into the cement company raising their stake in the company by 3.6% to 66.7%.
ACC and Ambuja Cements on Thursday said fair trade regulator CCI has initiated an investigation against them and other cement companies in the country regarding alleged anti-competitive behaviour.
“The Competition Commission of India (CCI) has initiated an investigation against cement companies in India including ACC regarding alleged anti-competitive behaviour,” ACC Ltd said in a regulatory filing.
ACC said it is of the firm view that it has acted and continues to act in compliance with competition laws and we are fully cooperating with the investigation and providing all necessary information to the authorities.
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“ACC has a long-standing commitment to fair competition as reflected in its Code of Business Conduct,” the company added.
In a separate filing, Ambuja Cements in a similarly worded statement, also said the Competition Commission of India has initiated an investigation against cement companies in India including Ambuja Cements regarding alleged anti-competitive behaviour.
“Ambuja Cements Limited has a long-standing commitment to fair competition as reflected in its Code of Business Conduct and Ethics,” it noted.
Shares of ACC Ltd were trading 1.42 per cent down at Rs 1,632.70 on BSE, while the Ambuja Cements stock was trading at Rs 248.70, down 1.66 per cent on BSE.
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